8-K
MONEYGRAM INTERNATIONAL INC false 0001273931 0001273931 2020-06-17 2020-06-17

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 17, 2020

 

MoneyGram International, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

1-31950

 

16-1690064

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

2828 N. Harwood Street, 15th Floor

Dallas, Texas

 

75201

(Address of principal executive offices)

 

(Zip code)

Registrant’s telephone number, including area code: (214) 999-7552

Not applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common stock, $0.01 par value

 

MGI

 

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

 


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

The disclosure regarding Executive Officer salary restoration set forth in Item 7.01 below is incorporated by reference into this Item 5.02.

Item 7.01 Regulation FD Disclosure.

As previously announced, MoneyGram International, Inc., a Delaware corporation (the “Company”) reported 100% year-over-year digital transaction growth in May. In addition, the Company’s walk-in business has begun to recover in many parts of the world. These trends have continued through the first half of June. Based on these trends, we expect second quarter 2020 revenue to be approximately $275 million on a constant currency basis. Combined with disciplined expense management, the Company now expects to deliver Adjusted EBITDA of approximately $55 million on a constant currency basis for the second quarter of 2020.

In light of these improvements in operating results, effective June 27, 2020 for U.S. employees and July 1, 2020 for non-U.S. employees, the Board of Directors of the Company has approved returning the salaries of all employees, including Executive Officers of the Company, to the levels that were in place prior to the previously-announced 20% non-hourly employee salary reductions. The Board of Directors also approved returning non-employee director cash retainers to pre-reduction levels effective with the third quarter payment.

Forward-Looking Statements

Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in MoneyGram’s SEC filings. MoneyGram’s SEC filings may be obtained by contacting MoneyGram, through MoneyGram’s web site at ir.moneygram.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval System (“EDGAR”) at http://www.sec.gov. MoneyGram undertakes no obligation to publicly update or revise any forward-looking statement.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MONEYGRAM INTERNATIONAL, INC.

     

By:

 

/s/ Robert L. Villaseñor

Name:

 

Robert L. Villaseñor

Title:

 

General Counsel and Corporate Secretary

Date: June 17, 2020

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